Stochastic Project Scheduling Simulation free essay sample

To deliver a project by a completion date committed to in a contract, a number of activities need to be carried out. The time that an entire project takes to complete and the activities that determine total project duration are always questionable because of the randomness and stochastic nature of the activities’ durations. Predicting a project completion probability is valuable, particularly at the time of bidding.SPSS finds a longest path in a network and runs the network a number of times specified by the user and calculates the stochastic probability to complete the project in the specified time. SPSS can be used by a contractor (1) to predict the probability to deliver the project in a given time frame, and (2) to assess its capabilities to meet the contractual requirement before bidding. SPSS can also be used by a construction owner to quantify and analyze the risks involved in the schedule.The benefits of the tool to researchers are (1) to solve PERT problems; (2) to complement Monte Carlo simulation by applying the concept of project network modeling and scheduling with probabilistic and stochastic activities via a web based Java Simulation which is operateable over the Internet, and (3) to open a way to compare a project network having different distribution functions. We will write a custom essay sample on Stochastic Project Scheduling Simulation or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Keywords: Critical path method, Monte Carlo method, probability, risk analysis, scheduling, simulation, stochastic models. 1. Ph. D.